The Middle Eastern internet company growth financing platform Erad announced that it has raised $2.4 million in funding, through Saudi Arabian venture capital company Khwarizmi Ventures, and UAE-based Nuwa Capital and Venture Souq, where the pre-seed funding round included private investments from well-known regional angel investors.
The safe, data-driven platform of Erad, which was co-founded by Salem Abu-Hammour, Faris Yaghmour, and Youssef Said, assesses the marketing, sales, and accounting activity of promising internet firms. The applicant’s eligibility for funding is based on its prior performance and prospects for growth. Within 48 hours, funding offers are made, and funds are then immediately deployed. Erad facilitates online payments to enable operational simplicity and a seamless customer experience.
“Erad was designed to give online businesses an alternative answer to bank loans or equity investment, and in turn assist the expansion of the Middle East’s digital economy,” stated Salem Abu-Hammour, Co-Founder & CEO of Erad. We observed a developing online market in the area, particularly in e-commerce, that lacked a suitable funding source and required a specific finance solution to cover user acquisition and inventory expenditures. We stand out because we dig deeply into the business’s pertinent facts and don’t just focus on the company’s resources and financial standing.
“When we set out to build erad, we were basing it off our own personal experience having struggled to finance an e-commerce business in the past,” said Faris Yaghmour, Co-Founder & COO of erad. We were familiar with the problems firsthand and were aware of the requirements for the solution. The market’s reaction to erad has been phenomenal; it has validated what we are creating, and by closely collaborating with the entrepreneurs who are already utilizing our platform, we have been able to improve our offering.
Erad has successfully participated in the Fintech Saudi program since beginning a limited beta test in May 2022. It was also among the first Saudi firms to be approved into the Y Combinator accelerator. More than 25 startups have joined the platform thus far.
The money raised during erad’s pre-seed round will help to improve the platform even further and advance the business’s regional expansion.
Last Updated on October 13, 2022 by Safiya K
